China Preparing “Crypto Comeback”, Says Tron Founder Justin Sun

Tron founder Justin Sun on Monday said China preparing a comeback to the crypto industry after crypto trading and mining crackdown in mid-2021. China has taken a big step towards cryptocurrency regulation with the implementation of a tax on crypto transactions. Justin Sun remains confident about Tron’s acceptance in China eventually.
Tron Founder Justin Sun Sees China’s Comeback to Crypto
Justin Sun in a series of tweets on January 30 said China signals a return to the crypto industry with the implementation of a tax on crypto transactions. He believes it’s a big step toward cryptocurrency regulation amid increasing crypto adoption in the country despite a crypto crackdown in mid-2021.
China’s local tax authorities have begun to impose a 20% tax on crypto. Justin Sun asserts tax on crypto transactions clearly indicates the Chinese government’s view of cryptocurrencies as a legitimate form of wealth and wants to ensure its proper taxation.
The tax policy will boost crypto adoption in the country. Moreover, it will provide a clear regulatory framework for people and businesses. China is expected to further regulate the crypto industry to “provide further legitimacy and stability.”
“The crypto tax in China is a positive development for the global cryptocurrency market and may set a precedent for other countries to follow.”
Justin Sun Plans Moving to Hong Kong
Justin Sun is moving to Hong Kong as he believes the Chinese crypto market is on the rise. Experts predict that China will dominate the next crypto bull market amid Hong Kong’s crypto hub plans. He believes Tron and Huobi Global will lead crypto in Hong Kong development.
Furthermore, he believes Tron (TRX) will be accepted in China eventually, as most Chinese people are using TRX anyway.
Also Read: Binance Burns Over 16 Million BNB Tokens
- BNB Rally to $1,300 Will Continue As Binance Hits Crucial Q3 Milestone, Says Expert
- Trump’s Real Estate Moves On-Chain as Hut8 Adds WLFI Tokens to Boost Treasury
- ASTER Token Defies Crypto Market Consolidation With 14% Upside, Expert See Next Stop at $3
- MetaMask Gears Up for Major MASK Token Airdrop With Reward Points System Launch
- Coinbase Joins Ripple and Circle In Applying For National Banking License
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy